https://www.taxtmi.com/caselaws?id=286661 The Tribunal upheld the disallowance under section 14A of the Income Tax Act, 1961, based on the lack of a definite finding of expenditure related to exempt income, despite arguments citing relevant court decisions. Additionally, the Tribunal allowed the deduction under section 57(iii) due to a direct nexus between borrowed funds and fixed deposit receipts, leading to the avoidance of double taxation. The appeal was partially allowed, directing the deletion of the deduction disallowance under section 57(iii) while dismissing the challenge against the disallowance under section 14A. en-us Wed, 18 Jan 2017 00:00:00 +0530 Mon, 16 Mar 2020 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286661 The Tribunal upheld the disallowance under section 14A of the Income Tax Act, 1961, based on the lack of a definite finding of expenditure related to exempt income, despite arguments citing relevant court decisions. Additionally, the Tribunal allowed the deduction under section 57(iii) due to a direct nexus between borrowed funds and fixed deposit receipts, leading to the avoidance of double taxation. The appeal was partially allowed, directing the deletion of the deduction disallowance under section 57(iii) while dismissing the challenge against the disallowance under section 14A. Case-Laws Income Tax Wed, 18 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286661